Whirlpool Corp. reported weaker-than-expected revenue and EBITDA for the third quarter ended Sept. 30, 2022, due to double digit percent industry declines and persistent cost inflation. Specifically, the company's net sales dropped by 13% (to $4.8 billion) and its S&P Global Ratings-adjusted EBITDA fell by about 45% because most of its major market experienced declines of 10%-25%. Whirlpool completed the divestiture of its Russia business during the quarter, which led to its substantially weaker top-line performance in Europe, the Middle East, and Africa (EMEA; down 28%) relative to North America (where its net sales declined by 8%). It also cut its global production by 35%, in response to lower demand, and reduced its inventories by $300 million during the quarter.
